• GBP/NZD edged higher initially on Thursday but gave up ground as investors paused following a recent relief rally driven by the Israel-Iran ceasefire.
• Markets looked ahead of the July 9 deadline set by U.S. President Donald Trump for possible new tariffs on major trading partners. With trade negotiations ongoing, investors are watching closely to see if a breakthrough can prevent another round of disruptive duties.
• Bank of England Governor Andrew Bailey on Tuesday said there were now signs that Britain's labour market was softening and he repeated his view that interest rates were likely to continue falling.
• Investor expectations for monetary easing in the UK are rising, with markets now assigning a 64% probability that the Bank of England will cut interest rates at its August policy meeting.
• Technical signals are strongly bullish as RSI is at 57, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 2.2726(Higher BB), any close above will push the pair towards 2.2825(38.2% fib).
• Strong support is seen at 2.2613(50% fib) and break below could take the pair towards 2.2497(20SMA).
Recommendation: Good to buy around 2.2630, with stop loss of 2.2510 and target price of 2.2700
